Receivables

9 Months Ended

Mar. 29, 2019

Receivables [Abstract]

Receivables

Note E — Receivables

Receivables are summarized below:

	March 29, 2019			June 29, 2018
	(In millions)
Accounts receivable	$	455		$	468
Less allowances for collection losses	(2		)	(2		)
	$	453		$	466

We have a receivables sale agreement (“RSA”) with a third-party financial institution that permits us to sell, on a non-recourse basis, up to $50 million of outstanding receivables at any given time. From time to time, we have sold certain customer receivables under the RSA, which we continue to service and collect on behalf of the third-party financial institution. Receivables sold pursuant to the RSA meet the requirements for sales accounting under ASC 860, Transfers and Servicing, and, accordingly, are derecognized from our Condensed Consolidated Balance Sheet (Unaudited) at the time of sale. Outstanding accounts receivable sold pursuant to the RSA were not material at March 29, 2019 and June 29, 2018. Impairment losses related to receivables from contracts with customers were not material during the quarter or three quarters ended March 29, 2019 or the quarter or three quarters ended March 30, 2018.